Planet Fitness price target raised to $80 from $74 at RBC Capital

RBC Capital raised the firm’s price target on Planet Fitness to $80 from $74 and keeps an Outperform rating on the shares. The firm is adjusting its model after the company’s Q4 earnings beat and initial guidance for FY24, reducing its FY24 EPS view to $2.45 from $2.49 but raising its FY25 view to $2.93 from $2.87. RBC adds that it sees Planet Fitness’s highly franchised model and ongoing top-line tailwinds delivering steady, compounding growth, noting that the stock’s pullback on near-term new unit development concerns is “overstated”.